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Wells Fargo Picks Up 340,000 SF for $110M

SAN FRANCISCO-Wells Fargo acquires 550 California St. and 635 Sacramento St. The purchases--combined with 333 Market St., which it acquired earlier this year--reduce the leased portion of its 2.2 milion sf of operations here from 83% to 45%.

By Brian K. Miller | Updated on June 08, 2005

SAN FRANCISCO-Wells Fargo Bank N.A. has paid $110 million for 550 California St. and 635 Sacramento St., a two-building office complex in the city’s Financial District built in 1960. The price for the 340,000-sf property is about $323.50 per sf, which is about average for 2005 class A sales in the city. The seller, SPI Holdings, acquired the building in 2001 for $106 million.According to local sources, Wells Fargo leases about half the space in the complex, which is located within one block of its headquarters at 420 Montgomery St. The bank’s consumer credit, creative services, capital markets, strategy and finance, and the corporate banking departments occupy space in the buildings. Wells Fargo says it will eventually occupy a majority of the buidlingEastdil Realty handled the acquisition for Wells Fargo. None of the parties involved in the transaction returned phone calls seeking comment. According to published reports, the 550 California site in the late 1800s was a paddock for horses that pulled Wells Fargo stagecoaches. Earlier this year, Wells Fargo acquired 333 Market St., a 620,000-sf building that Wells leases space in for some of its back-office operations. Wells Fargo says it will ultimately occupy a majority of the building. Local industry sources tell GlobeSt.com that the purchase price was $150 million or $252 per sf.All told, Wells Fargo occupies about 2.2 million sf of office space in the city. The three acquisitions reduce Wells Fargo’s local lease portfolio from 83% to 45% of its total occupied space.

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